Published on 3/6/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $7.7 million contingent coupon autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., March 6 – GS Finance Corp. priced $7.7 million of autocallable contingent coupon notes due March 7, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.5% if each index closes at or above its coupon trigger level, 70% of its initial level, on the observation date for that quarter.
Beginning in March 2018, the notes will be automatically called at par if each index closes at or above its initial level on any coupon determination date.
The payout at maturity will be par unless either index finishes below 50% of its initial level, in which case investors will be fully exposed to the decline of the worse-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $7,703,000
|
| Maturity: | March 7, 2024
|
| Coupon: | 7.5%, payable quarterly if each index closes at or above coupon trigger level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below 50% of initial level, in which case full exposure to decline of worse-performing index
|
| Call: | Beginning in March 2018, automatically at par if both indexes close at or above initial levels on any coupon determination date
|
| Initial index levels: | 2,381.92 for S&P 500 and 1,395.668 for Russell 2000
|
| Coupon trigger levels: | 1,429.152 for S&P 500 and 837.4008 for Russell 2000, or 60% of initial levels
|
| Pricing date: | March 2
|
| Settlement date: | March 7
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 0.4%
|
| Cusip: | 40054KZC3
|
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